ORDINANCE NO. 220232
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Approving an Industrial Development Plan for Midland Residential, LLC for the purpose of constructing a project for economic development consisting of the purchase of construction materials and the construction of a multifamily residential building with approximately 133 residential units (the "Project") located at 1221 Baltimore Avenue in Kansas City, Missouri (the "Project Site"); authorizing and approving various agreements for the purpose of setting forth covenants, agreements and obligations of the City and Midland Residential, LLC; authorizing the issuance of taxable industrial revenue bonds in an amount not to exceed Thirty Five Million Eight Hundred Thousand Dollars and 00/100 ($35,800,000.00); authorizing and approving other documents; authorizing certain other actions in connection with the issuance of said bonds; and directing the City Clerk to provide a copy of this Ordinance to the Director of the Missouri Department of Economic Development.
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WHEREAS, Midland Residential, LLC, a Missouri limited liability company (the "Company") anticipates creating 16 full-time employees, plus an additional 100 temporary construction jobs, with an anticipated average annual salary of $75,000 during construction of the Project and, upon completion, an anticipated average annual salary of $45,000; and
WHEREAS, the Project will generate an estimated 199 new residents to Downtown Kansas City and will attract new residents to the City, which will result in attracting sales from outside of the City; and
WHEREAS, Company's resident increase, increase in affordable housing units and investments in City would be economic activities that would result in tax revenues to City including, without limitation, expenditures of funds to construct, rehabilitate, remodel or otherwise improve the Project Site; increase in employment resulting in net new payroll to the City; investments in equipment to render the Project ...
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